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Thursday, June 10, 2010

London Biscuits' offer in TPC lapses

KUALA LUMPUR: LONDON BISCUITS BHD []'s conditional mandatory takeover offer in TPC PLUS BHD [] has lapsed after it failed to secure over 50% of the latter's shares upon the close of the offer period.

London Biscuits had only secured an additional 13.88% of valid acceptances to its 33.11% stake it had already held in TPC Plus, totalling to only 46.99% after the second closing date oin Thursday, June 10.

"In view that the offer has lapsed, the offeror (London Biscuits) shall return all the TPC shares which it has received to the respective accepting holders within 14 days from the second closing date," London Biscuits said in a statement to Bursa Malaysia.

London Biscuits had conditionally offered to acquire the remaining shares of 50 sen each in TPC Plus for 30 sen per share, it said.